Accounting Journal

In the 21st Century, India's micro, small, and medium enterprises (MSME) have established their credibility in mass employment and contributed to around 30% of India's GDP in 2020. As of 2020, India has a house of 2.5 million units and has proved to be the backbone of large sectors such as manufacturing, agriculture, aviation, IT & ITeS, pharma, cement, and automobiles, to name a few. India Government initiatives helped MSME to grow at the rate of 18.5% CAGR in 2019-2020. Indian Government is committed to bringing sustainable growth to the MSME sector. This brings the point to look into scalability issues often faced by these industries due to the typical owner and employee organization structure and the lack of knowledge of recent HR practices. All the management and operational decisions are factored into top leadership (the business owner and his sons). With the young entrepreneurs stepping into the family business, the face of this industry is bound to change further. Indian Government doubled the MSME sector budget in FY22 from $ 1.03 billion in FY21 to $ 2.14 billion in FY22. With the Industrial Revolution 5.0, India has witnessed multiple Unicorns in the last decade; therefore, it is bound to see maturity in leadership sustainability and focus on employee empowerment. The study aims to look into labor law barriers faced by the MSME industry, which are not covered in the FY22 vision document for the early adoption of a modern HRM approach to meet 5 trillion dollars in business demands by 2025.

The problem that plagues Indian family-controlled firms is expropriation of minority shareholders by majority shareholders. Gender quota legislation that mandates appointment of at least one female director without specifying the director type as "independent" exacerbates this principal-principal agency problem. This study investigates the effect of family-connected female directors on the performance of family-controlled firms. Using a large sample of 978 publicly listed Indian firms spanning the period 2013-2016, we find some novel results. First, we show that the presence of family-connected female directors has a negative impact on firm performance. Second, we show that the presence of independent female directors has a positive impact on firm performance. We also show a positive association between board gender diversity and firm performance. In additional analysis, we find that the increasing presence of family-connected directors has a negative impact. Taken together, our findings contribute to the growing literature on board gender diversity, especially in emerging markets where boards are perceived to be ineffective monitors.

In recent years, the Islamic financial sector has become one of the most vital sectors in the Islamic economic system in Indonesia. Therefore, more attention needs to be paid to the measurement of Islamic financial inclusion and its and policy making, especially in facing the digitalization of economy, because the digitalization can be a momentum that provides opportunities as well as threats to Islamic finance. This study attempts to measure Islamic financial inclusion at the provincial level in Indonesia through the dimensions of accessibility, availability and utilization and analyzes the impact of digitalization on Islamic financial inclusion. Measurements are made using the Sarma Index, while the analysis of the impact of digitalization on Islamic financial inclusion employs the fixed effect model on the balanced panel data. The measurement results show that developed provinces tend to have higher levels of Islamic financial inclusion compared to developing provinces. Furthermo...

The paper investigates the effect of gender diversity in the boardroom on the financial performance of non-financial listed firms in Ghana using panel data between 2007 and 2011. The fixed and random effects approaches were used in analysing the data. The findings revealed that the percentage of women on board have no statistically significant relationship with firm's financial performance of listed firms in Ghana. It was also discovered that the percentage of women on boards of non-financial listed firms was low. The results draw the attention of policy makers to the position of women in organisations given the enormous positive contribution they offer to the society.

This study analyses how the implementation of accounting and financial information and management control systems affect the performance of family and non-family micro, small and medium-sized enterprises (MSMEs) in the hospitality sector in Quintana Roo State (Mexico). The authors carried out a cross-sectional study with a sample of 122 family and non-family tourism MSMEs (composed of 72 family and 50 non-family firms). A survey was used to collect the data. The results show that managers of family firms in the hospitality sector use less accounting and financial information in their decisions than those of non-family firms. The findings also imply that hospitality family firms maintain less formalized management control systems than non-family firms in terms of the timeliness, aggregation and integration of economic and financial information in the decision-making process.

The Micro, Small, and Medium Enterprises (MSMEs) have a strategic role in promoting economic growth and reducing unemployment in a country. This very strategic structure of this informal sector makes MSMEs as one of alternatives for moral responsibility in restructuring the Sigaret Kretek Tangan (SKT) PT. HM Sampoerna Jember, which was officially closed in 2014. To encourage the development of its business, the facilities from external factors and internal potential have a very important role. The purpose of this study is to find out how the development of MSMEs through the facilitation of the external parties and the internal potential of the Sigaret Kretek Tangan (SKT) PT. HM Sampoerna Jember; knowing the facilitation of external parties and the internal potential of the former workers of the Sigaret Kretek Tangan (SKT) PT. HM Sampoerna Jember in running MSMEs; find out how the constraints faced by MSMEs former workers of the Sigaret Kretek Tangan (SKT) PT. HM Sampoerna Jember in carrying out its business. The type of research used in this study is descriptive research with a qualitative approach. The data analysis in this study was carried out in four stages, which consisted of data collection, data reduction, data presentation, and conclusion drawing. The results of the study showed that the internal developments of MSMEs of the former workers are: the efforts to innovate production, the efforts to procure capital, the expansion of network marketing efforts, procure production facilities and infrastructure. While external development is carried out with the help of both related agencies such as Jember: Industry and Trade Service (Disperindag) and Cooperatives Small and Medium Enterproses Service (Dinkop UMKM) an extension of the government or from the Association of MSMEs in the Jember regency or at the provincial level, such as granting access to MSMEs to capital resources, providing guidance and training, increasing product promotion, expanding product marketing, providing facilities and infrastructure. On the other hand, in the development of MSMEs, the former workers of The Sigaret Kretek Tangan (SKT) PT. HM Sampoerna Jember also faces obstacles, including unstable raw material prices, limited quality of human resources, limited capital and lack of facilities and infrastructure.

We seek to offer some reconciliation for the conflicting theoretical arguments and empirical findings regarding the impact of women's participation in boards on firms' performance. We suggest that this impact differs in relation to market-and accounting-performance, and it is firmspecific, and varies by firms' ownership type and the composition of their boards. These arguments find theoretical underpinnings in agency and resource-dependency theories, combined with behavioral and discrimination theories that articulate women behavior in the workplace and market perception of gender equality. The empirical analysis is based on a dataset of 841 publicly-listed firms in Malaysia. The results show positive impact of women's participation on accounting-performance and negative impact on market-performance, suggesting that women directors create economic value, which is undervalued by the market. We interpret the findings with reference to the perception of women's role in society and business in Malaysia, and the nature of corporate governance and ownership types prevalent among Malaysian firms. We suggest that the relationships might be context-specific, and hence the desired level of women's

This study aims to determine the effect of management accounting information systems and internal business processes on the performance of micro, small and medium enterprises in Pasuruan. The performance of MSMEs in this study is seen in terms of strategic performance, administrative performance and operational performance as an endogenous variable. Exogenous variables in this study include management accounting information systems and internal business process. Management accounting information systems are seen through several things related to broad scope information, timelines, aggregation and integration, while internal business processes is measured based on several things related to the innovation process, operational processes and post-sales service. In this study, micro, small and medium enterprises with certain criteria in Pasuruan were the objects of research, namely as many as 112 MSMEs using the purposive sampling method. The data analysis used in this research is Struct...

This paper examines the effect of outside block-holders’ ownership on the demand for corporate monitoring in relation to agency theory in the Malaysian business environment. The results of this study provide evidence that, given the cultural differences, the agents and the principals may act differently. The findings indicate that block- holders in Malaysia appear to demand more monitoring costs as their shareholdings increase. This positive relationship may be associated with the demand for more monitoring by minority shareholders as a balance against the power of the majority shareholders in the concentrated business environment in Malaysia and the tighten regulations after 1997/98 financial crisis. Further investigation shows that the institutional and non-institutional block-holders react and demand different level of monitoring costs. The institutional block-holders who are mostly government related institutions appear to demand more monitoring costs as their share ownership in...

We examined the relationship between blockholder ownership and firm performance in the context of high concentrated ownership in Malaysia coupled with weak regulatory framework. Blockholder ownership is used as monitoring device to verify the significant role in managerial decisions accordance with maximizing shareholders’ wealth. Consequently, blockholders may have personal incentive to the expropriation of minority shareholders’ wealth by exercising their corporate control. We found a positive significant relationship with small effect of beta coefficients by both market and accounting based measurements. The positive relationship of blockholders as institutions is the conformity of monitoring hypothesis. The results indicate a very week monitoring impact of blockholders on executives’ decisions that improve the firm performance by reducing the agency costs. Additionally, the significant low positive effect of profit volatility is representing the efficacy of blockholders until a ...

The monitoring role performed by the board of directors is an important corporate governance control mechanism, especially in countries where external mechanisms are less well developed. The gender composition of the board can affect the quality of this monitoring role and thus the financial performance of the firm. This is part of the ''business case'' for female participation on boards, though arguments may also be framed in terms of ethical considerations. While the issue of board gender diversity has attracted growing research interest in recent years, most empirical results are based on U.S. data. This article adds to a growing number of non-U.S. studies by investigating the link between the gender diversity of the board and firm financial performance in Spain, a country which historically has had minimal female participation in the workforce, but which has now introduced legislation to improve equality of opportunities. We investigate the topic using panel data analysis and find that gender diversity-as measured by the percentage of women on the board and by the Blau and Shannon indices-has a positive effect on firm value and that the opposite causal relationship is not significant. Our study suggests that investors in Spain do not penalise firms which increase their female board membership and that greater gender diversity may generate economic gains.

Firstly, I would like to thank my thesis supervisor Jorge Bento Farinha for his guidance, critical opinions and helpful suggestions. Moreover, I would like to mention his full availability during the whole year. I would like to acknowledge my professor of econometrics Natércia Fortuna for her help and patience during the working process. Finally, I must express my absolute gratitude to my mother and friends for their support and continuous encouragement throughout my years of study and writing this thesis.

Board diversity is important especially in countries which practice a one-tier board system, such as Malaysia. Under the system, board appointments are usually controlled by the firm's substantial shareholders, and as a result, directors are chosen based on "the old-boy" network or "people like us", who are typically middle-aged males and from similar ethnicity which could lead to "group think". Board diversity ensures breadth and depth of the board's judgments. To this end, this study examines board diversity of the top 100 non-financial Malaysian firms, specifically directors' gender, ethnicity and age and their effects on firm performance. Data are collected from the 2007 annual reports of the sample firms. The evidence indicates the lack of diversity of the Malaysian boards of directors. Results from the multivariate analyses reveal that gender diversity is negatively associated with Tobin's q and rOA. Age diversity is found to be negatively related to rOA. Ethnic diversity, on the other hand, is found to be positively associated with rOA. Hence, findings on the effect of board diversity and firm performance are mixed. Nevertheless, this study offers insights to policy makers in enhancing corporate governance in Malaysia where diversity is one of the areas that could strengthen the effectiveness of the board.

The financial system has become an important factor in the economic system and increasingly continues to experience development and innovation in line with the development of the demands of the digital diera community that wants everything to be practical and simple. The presence of technology has made a major contribution in creating a financial technology development ecosystem (fintech) based on an inclusive financial program so that the bottom of the pyramid community can be served by the financial system, but also contains risks that can lead to financial system instability if not managed properly. It is therefore necessary to ascertain whether the presence of fintech in Indonesia during the observation period (January 2018 to June 2019) has an impact on financial system stability. On the basis of these questions the research objectives were formulated, namely: 1) describing financial system stability and fintech developments from non-current loan ratio aspects; 2) the effect of...

This study provides pioneering empirical evidence on board gender diversity and firm performance relationship for the case of large-scale agri-food companies in Russia. While Russia plays an important role in the global food security, its domestic agri-food production is heavily dependent on large scale producers. Our findings suggest a strong positive link between the percentage of female directors in boardrooms and firm performance. Moreover, in line with critical mass theory, boards with three or more female directors have greater impact on firm performance compared to boards with two or less female directors. Further analysis shows that the presence of female directors in the company has a positive impact on firm performance, mainly due to their executive, rather than monitoring effects. The paper shed light on gender diversity of Russian corporate boardrooms and provides empirical recommendations for policy makers as well as corporate executives in Russia.

We seek to offer some reconciliation for the conflicting theoretical arguments and empirical findings regarding the impact of women's participation in boards on firms' performance. We suggest that this impact differs in relation to market-and accounting-performance, and it is firmspecific, and varies by firms' ownership type and the composition of their boards. These arguments find theoretical underpinnings in agency and resource-dependency theories, combined with behavioral and discrimination theories that articulate women behavior in the workplace and market perception of gender equality. The empirical analysis is based on a dataset of 841 publicly-listed firms in Malaysia. The results show positive impact of women's participation on accounting-performance and negative impact on market-performance, suggesting that women directors create economic value, which is undervalued by the market. We interpret the findings with reference to the perception of women's role in society and business in Malaysia, and the nature of corporate governance and ownership types prevalent among Malaysian firms. We suggest that the relationships might be context-specific, and hence the desired level of women's

Carolin van Uum ARTICLE INFO Marc Eulerich, Patrick Velte and Carolin van Uum (2014). The impact of management board diversity on corporate performance-An empirical analysis for the German two-tier system. Problems and Perspectives in Management, 12(1) RELEASED ON Thursday,

This paper is focused on identifying possible relations between companies' performance and their board structure and managerial team after the recent world financial crisis, in an attempt to identify possible ways to support corporate sustainable development. Companies with board and management team gender diversity tend to score higher in terms of ROA and ROS than companies where men are in charge. Women in managerial positions in large companies tend to relate better with customers and help sales improvement, but in companies that are old and big the women participation in the process of strategic decision making is not particularly encouraged.

This study investigates, firstly, the influence of family-controlled firm on corporate performance, and secondly, the influences of corporate governance mechanisms including control variable on corporate performance in the companies listed on the Indonesian Stock Exchange. By using five years (2009-2013) company data, this study used Ordinary Least Square (OLS) regression to test the hypotheses. The results based on OLS, indicate that family controlled firms tend to have better performance than non Family controlled firms. Moreover, in regard to the link between governance variables and corporate performance, only managerial ownership exhibits a positive relation with corporate performance, for both proxies, i.e. Tobins Q and ROA. Yet, the rests of governance variables (i.e. institutional ownership, audit committee, board of directors and independent board of commissioners) do not confirm the relationship with corporate performance. These findings have significant policy implication...

In times of vivid debates about the role of women on corporate boards, this article investigates the contribution of women directors to board decision-making and strategic involvement. Based on survey data from multiple respondents in 120 Norwegian firms, we find that women directors influence board strategic involvement through their contribution to board decision-making, which in turn depends on women directors' professional experiences and the different values they bring along. Drawing upon stereotype threat theory, we further find that perception of women as unequal board members may limit their potential contribution to board decision-making.

This paper studies the effect of corporate governance on value creation for listed companies. It also examines whether the fact that a business is owned or partly owned by a family has an impact on this variable as well as the behavior of companies at different stages of the economic cycle. Research Findings / Insights: Our research makes use of a dataset consisting of the companies in the IBEX-35 for the period 2005/12. It carries out a sub-analysis for the periods 2005-2008 and 2009-2012, to evaluate the effect of the crisis. The results indicate that neither the presence of women on boards of directors nor family ownership affect value creation in the companies analyzed. The size of the entity revealed a statistically significant and negative coefficient for the entire period under analysis. However, recorded profitability revealed a statistically significant and positive coefficient only for the pre-crisis period and not for the later period. In contrast, board size and the percentage of independent board members are both relevant and reveal a positive coefficient for the crisis period. Theoretical / Academic Implications: Although its starting point is agency theory, complemented by resource dependence theory, the paper resorts to the sociological theory of the strength of weak ties, to explain its results. Gender diversity and family ownership do not seem to have an impact on value creation, while the level of independence of the governance bodies has a positive effect throughout the crisis period. This result supports the notion that board structure is much more relevant in difficult and challenging times. In addition to increasing the number of independent directors, it is also crucial that a minimum percentage be reached in order to influence the board and generate value. Practitioner / Policy Implications: According to the empirical evidence, in times of crisis, it seems advisable and more efficient to increase board size with more independent directors, regardless of gender. Gender equality does not harm value creation.

Over time, this type of cooperative business slowly begins to lose its existencedue to increasingly fierce business competition. This is because the role ofcooperatives, which is identical to the provision of basic foodstuffs for theneeds of the community, has now been taken over by the existence ofsupermarkets both in cities and in the regions. This is due to the influence ofthe industrial technology revolution 4.0 which requires business people tocontinue to be able to improve services and offer technology-basedconvenience so that it has an impact on customer satisfaction. This literaturereview aims to describe the role of the use of information technology systemsfor accounting for primary cash receipts and disbursements in cooperatives.

This paper is focused on identifying possible relations between companies’ performance and their board structure and managerial team after the recent world financial crisis, in an attempt to identify possible ways to support corporate sustainable development. Companies with board and management team gender diversity tend to score higher in terms of ROA and ROS than companies where men are in charge. Women in managerial positions in large companies tend to relate better with customers and help sales improvement, but in companies that are old and big the women participation in the process of strategic decision making is not particularly encouraged. Key-words: gender diversity, management, financial performance, sustainable development

The global financial services sector is transforming as technology advances. Various types of technology based innovative financial business models or financial technology (fin-tech) are growing rapidly around the world, including Indonesia. The Financial Stability Board (FSB) incorporates the fin-tech progress in its work plan in 2017 in the perspective of financial stability. In Indonesia, the Financial Services Authority has issued the Financial Services Authority Regulation No: 77 /FSAR.01/ 2016 on Technology-Based Lending and Borrowing Services to provide a legal basis for fin-tech activities, in particular services with peer to peer lending models. In practice, fin-tech in Indonesia is not only used to facilitate lending and borrowing, but also used for other business models, especially start-up business, investment and social activities, which are not included in the scope of lending and borrowing. On the other hand, fin-tech development in Indonesia is expected to contribute to economic development, particularly in facilitating micro, small and medium enterprises to gain access to finance. The advantages of fin-tech include cost efficiency and ease of access to finance, but on the other hand there are some obstacles and risks that potentially arise, such as credit risk, insufficient technology, misuse of funds and user/consumer data and protection of national interests such as money laundering as well as disruption to monetary stability. Therefore, in addition to the need for comprehensive regulation, supervisory aspects by the financial services authorities are urgently needed to make fin-tech a part of the financial services sector.

This paper studies the effect of corporate governance on value creation for listed companies. It also examines whether the fact that a business is owned or partly owned by a family has an impact on this variable as well as the behavior of companies at different stages of the economic cycle. Our research makes use of a dataset consisting of the companies in the IBEX-35 for the period 2005/12. It carries out a sub-analysis for the periods 2005-2008 and 2009-2012, to evaluate the effect of the crisis. The results indicate that neither the presence of women on boards of directors nor family ownership affect value creation in the companies analyzed. The size of the entity revealed a statistically significant and negative coefficient for the entire period under analysis. However, recorded profitability revealed a statistically significant and positive coefficient only for the pre-crisis period and not for the later period. In contrast, board size and the percentage of independent board me...

This study aims to analyze the financial inclusion model on Batik SMEs' development in Cirebon Regency. Six constructs emerge as the objects of interest are financial literacy, financial technology, social capital, capital structure decisions, financial inclusion, and business development. 176 Batik-Cirebon artisans fill the questionnaires under the non-probability sampling technique and are analyzed using CB-SEM. The results prove that financial literacy, financial technology, social capital, capital structure decisions have a positive effect on financial inclusion, and financial inclusion positively affects business development Batik SMEs In Cirebon Regency.

The development of information technology which is supported by the rapid use of the internet has created several fintech that will make it easier for people to get digital financial services. The Financial Services Authority stated that the increase in national financial inclusion could be triggered by one factor, namely increased access to the use of fintech. The purpose of this study aimed to determine the role of fintech on financial inclusion in MSMEs in Makassar. The population in this study are MSMEs in Makassar with a sample of 335 informants. Researchers used primary data in the form of questionnaires that were distributed online and offline. Convenience sampling method is used in data collection in this type of quantitative research. Linear regression was used as an analytical technique. This study concluded that fintech has a positive effect on financial inclusion by 0,259.

This study examines the relationship between government ownership and performance of listed firms on the Nairobi Securities Exchange. The quadratic term of government ownership is included in the model to test for the effect of increasing government ownership levels on performance. We use panel data techniques on 102 firm-year observations between 2003 and 2013 for all the listed firms in which the government directly owns some shares. We find no relationship between government ownership and performance at lower levels of government ownership. We find a negative relationship between government ownership and performance at higher levels of government ownership. We estimate, through differentiation of the Tobin’s Q model, that government ownership has a negative effect on performance when government ownership exceeds 41%. The study concludes that lower government ownership levels do not affect firm performance but as the ownership rises, government ownership has a detrimental effect o...

This study examines the relationship between government ownership and performance of listed firms on the Nairobi Securities Exchange. The quadratic term of government ownership is included in the model to test for the effect of increasing government ownership levels on performance. We use panel data techniques on 102 firm-year observations between 2003 and 2013 for all the listed firms in which the government directly owns some shares. We find no relationship between government ownership and performance at lower levels of government ownership. We find a negative relationship between government ownership and performance at higher levels of government ownership. We estimate, through differentiation of the Tobin’s Q model, that government ownership has a negative effect on performance when government ownership exceeds 41%. The study concludes that lower government ownership levels do not affect firm performance but as the ownership rises, government ownership has a detrimental effect o...

The dynamics of the use of digital technology in the industrial revolution era 4.0 has had an impact on the financial sector. One of them is the development of financial technology (fintech) in the form of online loan services. Furthermore, the flagship product from fintech is lending to micro and small entrepreneurs. Likewise, Islamic banks that have a focus on financing to micro and small entrepreneurs must be able to compete with fintech services in the era of the industrial revolution 4.0 that is happening at this time. The purpose of this study is to analyze the different mechanisms of micro-financing distribution between Bank Mandiri Syariah and microcredit UangTeman.com. The method used is qualitative, which is to compare the requirements, mechanisms, and margins imposed on the customers and the information obtained through secondary data, namely standard and operational procedures. Based on the results of the study, the requirements and procedures for granting loans to micro...

Indonesian Coffee and Cocoa Research Institute (ICCRI) is a institution that Conducting research to obtain technological innovation in the field of cultivation and processing of coffee and cocoa products. ICCRI has an Experimental Garden and Office Area of 380 ha, consisting of arabica coffee experimental garden (KP Andungsari height of 100-1,200 m asl), robusta coffee and cocoa (KP Kaliwining and KP Sumberasin 45-550 m above sea level). The laboratory has an area of 2,365 m2 with equipment of 850 units.

The global financial services sector is transforming as technology advances. Various types of technology based innovative financial business models or financial technology (fin-tech) are growing rapidly around the world, including Indonesia. The Financial Stability Board (FSB) incorporates the fin-tech progress in its work plan in 2017 in the perspective of financial stability. In Indonesia, the Financial Services Authority has issued the Financial Services Authority Regulation No: 77 /FSAR.01/ 2016 on Technology-Based Lending and Borrowing Services to provide a legal basis for fin-tech activities, in particular services with peer to peer lending models. In practice, fin-tech in Indonesia is not only used to facilitate lending and borrowing, but also used for other business models, especially start-up business, investment and social activities, which are not included in the scope of lending and borrowing. On the other hand, fin-tech development in Indonesia is expected to contribute to economic development, particularly in facilitating micro, small and medium enterprises to gain access to finance. The advantages of fin-tech include cost efficiency and ease of access to finance, but on the other hand there are some obstacles and risks that potentially arise, such as credit risk, insufficient technology, misuse of funds and user/consumer data and protection of national interests such as money laundering as well as disruption to monetary stability. Therefore, in addition to the need for comprehensive regulation, supervisory aspects by the financial services authorities are urgently needed to make fin-tech a part of the financial services sector.

This study analyzes board diversity and its effect on financial performance, as measured by age, gender, and nationality of board members using a sample of nine (9) commercial banks in Cikarang, West Java, Indonesia. The study uses multiple linear regression analysis.  The results show that age and nationality have significant effect, while gender has insignificant effect on financial performance. However, simultaneously all of the independent variables significantly affect the Return on Asset, with the coefficient determinant in this research is 20.8%.

The purpose of this study is to analyze the ability of MSMEs to improve industrial competitiveness and strategies to improve industrial competitiveness in the context of facing the industrial era 4.0 in an accounting perspective. The research method uses descriptive methods that are explorative in nature. The data analysis technique uses descriptive analysis techniques, which are carried out by describing the facts of the findings and presenting them by providing sufficient understanding and explanation. The results of the study show that the MSMEs sector in Indonesia has not been able to improve competitiveness in the face of the industrial era 4.0 from an accounting perspective. Meanwhile, the strategy that can be utilized by MSMEs in facing the current digital era seen from an accounting perspective is by utilizing the Government budget for MSMEs development programs, utilizing credit facilities and empowerment from banks, and utilizing technological advances.

This paper examines the effect of outside block-holders’ ownership on the demand for corporate monitoring in relation to agency theory in the Malaysian business environment. The results of this study provide evidence that, given the cultural differences, the agents and the principals may act differently. The findings indicate that block- holders in Malaysia appear to demand more monitoring costs as their shareholdings increase. This positive relationship may be associated with the demand for more monitoring by minority shareholders as a balance against the power of the majority shareholders in the concentrated business environment in Malaysia and the tighten regulations after 1997/98 financial crisis. Further investigation shows that the institutional and non-institutional block-holders react and demand different level of monitoring costs. The institutional block-holders who are mostly government related institutions appear to demand more monitoring costs as their share ownership in...

This article describes the duties, functions and authorities of the Financial Services Authority (OJK) in providing supervision and regulation of the development of types of businesses in the financial services sector in Indonesia, one of which is regulating Financial Technology (Fintech). The fintech concept adapts technological developments in the Industrial Age 4.0 combined with the financial sector, which later is expected to facilitate more practical and secure financial transaction processes. The role of the Financial Services Authority (OJK) in protecting the public against illegal fintech online lending platforms (Peer to Peer Lending). Online loans are increasingly spreading during the Covid-19 pandemic, so OJK has a very important role in preventing and protecting the public against illegal online loans. OJK provides education and socialization so that people can be more selective and wise when they want to make loans online.

This article describes the duties, functions and authorities of the Financial Services Authority (OJK) in providing supervision and regulation of the development of types of businesses in the financial services sector in Indonesia, one of which is regulating Financial Technology (Fintech). The fintech concept adapts technological developments in the Industrial Age 4.0 combined with the financial sector, which later is expected to facilitate more practical and secure financial transaction processes. The role of the Financial Services Authority (OJK) in protecting the public against illegal fintech online lending platforms (Peer to Peer Lending). Online loans are increasingly spreading during the Covid-19 pandemic, so OJK has a very important role in preventing and protecting the public against illegal online loans. OJK provides education and socialization so that people can be more selective and wise when they want to make loans online.

This paper aims to give a unique view of looking at how SMEs in Indonesia applying the concept of smart manufacturing along with the challenges of smart manufacturing adoption in supporting technologies infrastructure in Indonesia and its current implementation. There are several challenges that were identified through the smart manufacturing adoption in Indonesia. The manufacturing industry has a great contribution to developing countries such as Indonesia. It is considered as the engine power for Indonesia's economic growth. Moreover, by considering the value of SMEs in Indonesia, this research puts more attention on smart manufacturing implementation on SMEs. This study provides two cases from SMEs based on the SMEs scale and measuring their productivity from using the traditional method and after adopting the technology used on their business operations. The two cases indicate that the firms have an awareness of the importance of smart manufacturing implementation and its effect to the performance of the firm. However, direct migration to an advanced cyber-physical manufacturing system is not a practical option for the firms.

This article describes the duties, functions and authorities of the Financial Services Authority (OJK) in providing supervision and regulation of the development of types of businesses in the financial services sector in Indonesia, one of which is regulating Financial Technology (Fintech). The fintech concept adapts technological developments in the Industrial Age 4.0 combined with the financial sector, which later is expected to facilitate more practical and secure financial transaction processes. The role of the Financial Services Authority (OJK) in protecting the public against illegal fintech online lending platforms (Peer to Peer Lending). Online loans are increasingly spreading during the Covid-19 pandemic, so OJK has a very important role in preventing and protecting the public against illegal online loans. OJK provides education and socialization so that people can be more selective and wise when they want to make loans online.

Tunisia is considered one of the first Arab Muslim countries to have the freedom of women and their participation in the economic sphere. Despite these advancements in women’s freedom, Tunisia still has a few women in positions of responsibility in the business. Our reflection on gender diversity will, therefore, be studied from the angle of the contribution of women to the performance of the company. Our research uses different gender diversity proxies such as the percentage of women on the board, a binary variable, and two additional indices of the diversity the Blau and Shannon indices. In order to properly study this impact, we have mainly used bivariate analysis by studying the association between endogenous and explanatory variables and multivariate analysis by applying double least square regression (2SLS). Using the panel data methodology and controlling for endogeneity, the results show that gender diversity on the board of directors does not have an impact on the performan...

This study aims to analyze the effect of gender diversity in both the Board of Commissioners and Board of Directors, as well as the effect of education background of the President Commissioner on the firm value. Gender diversity is measured from the proportion of women in Board of Commissioners and Board of Directors, while the education background is measured by the education background of the President Commissioner. In this research, the firm value is measured by Tobins Q. The sample used in this study consist of 70 manufacturing companies listed in Indonesian Stock Exchange in the year 2012. This study employs multiple linear regression to draw the research results. The analysis results show that gender diversity in both the Board of Commissioners and Board of Directors significantly affects firm value. On the contrary, the education background of the President Commissioner does not affect firm value. This result support the argument that diversity of boards will, through various...

This chapter examines the link between board diversity and firm financial performance for a sample of Dutch listed companies during the recent financial crisis. We examine seven dimensions of diversity: nationality diversity, gender diversity, diversity with respect to the level of education, diversity with respect to the field of education, expertise diversity, socioeconomic background diversity and age diversity. Our empirical results show a hyperbolic relation between the focal variables age diversity, expertise diversity and background diversity and firm financial performance. We also find that gender diversity, nationality diversity and diversity with respect to education have no impact on firm performance during crisis times. Our empirical results show that focusing on only one dimension of the full diversity vector or on linear effects only can lead to detrimental economic effects. , # Springer-Verlag Berlin Heidelberg 2012 259 1 The Netherlands have a two-tier board structure, consisting of a management board (Raad van Bestuur) in charge of the day-to-day operations of the firm and a supervisory board (Raad van Commissarissen). Dutch corporate law requires that all members of the supervisory board are nonexecutives.

This chapter examines the link between board diversity and firm financial performance for a sample of Dutch listed companies during the recent financial crisis. We examine seven dimensions of diversity: nationality diversity, gender diversity, diversity with respect to the level of education, diversity with respect to the field of education, expertise diversity, socioeconomic background diversity and age diversity. Our empirical results show a hyperbolic relation between the focal variables age diversity, expertise diversity and background diversity and firm financial performance. We also find that gender diversity, nationality diversity and diversity with respect to education have no impact on firm performance during crisis times. Our empirical results show that focusing on only one dimension of the full diversity vector or on linear effects only can lead to detrimental economic effects. , # Springer-Verlag Berlin Heidelberg 2012 259 1 The Netherlands have a two-tier board structure, consisting of a management board (Raad van Bestuur) in charge of the day-to-day operations of the firm and a supervisory board (Raad van Commissarissen). Dutch corporate law requires that all members of the supervisory board are nonexecutives.

Ownership structure is a crucial determinant factor of the corporate governance measurement and has been associated, in prior studies, with the profitability of firms. The current study investigates the effect of ownership structure on the firm's performance in the period of financial crisis. The authors focus on the food and beverage (F&B) industry since this sector has been affected less than others by the economic recession. Exploring the listed F&B beverage in the Athens Stock Exchange for seven years during the crisis period in Greece, the authors have found evidence for the effect of ownership structure on firm performance as it has been reflected in the accounting and financial market indicators. The findings for the relation between ownership structure and firms' performance, measured with accounting indices, are different from those in which the performance has been measured with market indices.

Small and Medium Industry (SMI) is one of the strategic business sectors that is very influential in the industrial revolution 4.0. Industry 4.0 refers to the concept of using the internet of things, as well as smart and cloud-based manufacturing. The SMI constraints from the knowledge, skills, use of technology, so that needed the competence and readiness of Small and Medium Industries in the Industrial Revolution 4.0. This study examines the level of SMI Competence and SMI Readiness in facing the Industrial Revolution 4.0. The design and model of this study were developed using TRA. The development of this model was carried out in three stages. The purpose of the conceptual is to explain and analyze the description of the Small and Medium Industry Competency variables and the readiness of small and medium industries. The results of the conceptual about the indicators of each variable that will be used in further research.

This study aimed to analyze the practice of the use of Accounting Information Systems (AIS) using IPOS 4.0 application on Micro, Small and Medium Enterprises (MSMEs) in Jember. It can be seen from the aspect of business, scale of business, company age, education owner or manager of the company, lead times, and accounting training followed by the owner of the company. This research is a descriptive using qualitative approach. This research was conducted by asking questions to the owner of company by distributing questionnaires. The primary research subject sampling method used is purposive sampling. Questionnaires were distributed to 40 owners MSMEs in Jember. The results showed that the some of MSMEs in Jember have been using A.I.S using IPOS 4.0 application in its operational activities. Manufacturing companies, medium-sized companies, the company that is older than 10 years, the owners of companies whose educational background Senior High School led the company for more than 10 years, the owner or manager of a company and get an accounting training the majority of use accounting information more intensively.

Entering the current 4.0 industrial revolution occurred so rapidly technological developments in various sectors of life, including in the financial sector. Technological developments that occurred in the financial sector is slowly changing the financial industry into the digital age. There has been a shift of financial institutions that are now beginning to shift towards technology-based financial institutions. One of the advances in the current financial field adaptation Fintech (Financial Technology). The increasing presence of Fintech expected the Government to boost financial inclusion.Financial inclusion is a person's ability to accessvarious financial products that are affordable and fit the needs.The purpose of making this article is to describe Contributions Fintech in Improving Public Financial Inclusion in the Industrial Age 4.0. This journal writing using a descriptive approach through the study of literature. In conclusion, the development of digital technology is included in the financial industry, it can't be stopped development. Through technology financial (fintech), all forms of transactions to be faster, easier, more efficient at the same time, without the need to do face to face, it will make a positive contribution to the improvement of public financial inclusion in the digital era.The affordability of access to finance for the whole society will enhance financial inclusion so that the community can help drive the economy of the State.

This study investigates the predicting power of a board's gender mix on financial performance by using a cross sectional data analysis. Existing literature on this subject is scanty in emerging economies and to the best of the authors' knowledge; this is the first of its kind in the Nigerian context. Return on capital employed was utilized as measure for financial performance while female director presence and proportion of female directors were proxies for gender mix. The findings show that both female director presence and proportion have positive impacts on financial performance while the board size, a control variable had a neutral effect. The study recommends that managerial and legislative efforts be made to strike a fair gender balance in boards and further research be carried out along this line.

The study examines the perceived effects of corporate governance mechanisms on the value of manufacturing firms in Nigeria by adopting economic value added as the measure of firm value. Corporate governance mechanisms such as concentrated ownership, managerial ownership, the board size, board independence, and foreign ownership as they influence corporate valuation were empirically investigated. 89 listed manufacturing firms in Nigeria were selected for 5 years (2012-2016) for the analysis. The study utilized different tests such as OLS panel data regression and multiple regression model to establish the relationship with panel corrected standard error (PCSE). The study is guided by resource enrichment theory and agency theory. The finding of the study shows that ownership concentration, the board size, and board independence positively impacted on firm value as measured by economic value added. However, managerial ownership and foreign ownership reported negative and insignificant impacts on the value of Nigerian manufacturing firms.

This study analyzes board diversity and its effect on financial performance, as measured by age, gender, and nationality of board members using a sample of nine (9) commercial banks in Cikarang, West Java, Indonesia. The study uses multiple linear regression analysis. The results show that age and nationality have significant effect, while gender has insignificant effect on financial performance. However, simultaneously all of the independent variables significantly affect the Return on Asset, with the coefficient determinant in this research is 20.8%.